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Deluxe Corporation (NYSE: DLX), a leader in providing small businesses and financial institutions with products and services to drive customer revenue, announced its financial results for the fourth quarter ended December 31, 2016.
Revenue, diluted EPS and adjusted diluted EPS were all in-line with the prior outlook as provided by the Company on January 6, 2017.
“We had another successful year of growth in both our digital marketing services capabilities and financial results,” said Lee Schram, CEO of Deluxe. “Our team delivered a seventh consecutive year of increased revenue and an eighth consecutive year of increased cash flow from operations. We believe the strategic investments we made during the year in web services, data driven marketing solutions and treasury management solutions, put us well on track toward our goal of growing marketing solutions and other services to 40 percent of our revenue in 2018. Looking ahead, we believe this year we will further diversify our revenue base and once again grow our profitability and operating cash flow.”
Fourth Quarter 2016 Highlights
• Revenue increased 3.6% year-over-year, primarily due to growth in the Small Business Services (SBS) segment, which grew 4.8% in the quarter and includes the results of a number of tuck-in acquisitions made throughout the year. The Financial Services segment grew 4.3% in the quarter and includes the results of Data Support Systems, Inc. which was acquired in the fourth quarter of 2016 and incremental revenue from the acquisitions of Datamyx and FISC Solutions which were acquired in the fourth quarter of 2015.
• Revenue from marketing solutions and other services increased 12.7% year-over-year and grew to 36.0% of consolidated revenue in the quarter.
• Gross margin was 63.2% of revenue, compared to 63.0% in the fourth quarter of 2015. Previous price increases and improvements in manufacturing productivity were partially offset by increased delivery and material costs.
• Selling, general and administrative (SG&A) expense increased 3.9% from last year primarily due to additional SG&A expense from acquisitions and higher medical costs, but was partially offset by continued cost reduction initiatives in all segments and lower incentive compensation expense. SG&A as a percent of revenue was 43.2% in the quarter compared to 43.1% last year.
• Operating income increased 2.2% year-over-year and includes restructuring and transaction-related costs in both periods. Adjusted operating income, which excludes these items, increased 5.6% year-over-year primarily from continued cost reductions and lower incentive compensation expense.
more at: http://ww.deluxe.com/about-deluxe/investor-relations